Lakers sold to Josh Kushner and Bob Iger for record $12.5 billion

Josh Kushner and Bob Iger have acquired the Los Angeles Lakers for $12.5 billion, according to multiple sources. The transaction represents the highest price ever paid for an American sports franchise.

Kushner, founder of Thrive Capital, and Iger, Disney's 75-year-old longtime chief executive, purchased the team from Mark Walter, who had acquired a controlling interest in the franchise from the Buss family approximately one year ago for a valuation of roughly $10 billion.

"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Kushner and Iger said in a statement to ESPN. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

Kushner and Iger had been heavily involved in efforts to bring an NBA franchise to Las Vegas before pivoting to pursue the acquisition of the Lakers. The deal was announced Wednesday, August 12.